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-- -- -- -- In the meantime let's get back to the banks aren't the banks too big to manage and what will lawmakers do to make them smaller if anything -- the banking industry believed.
They were too big to touch after the 2008 financial crisis.
But what about now wasn't that the whole point of Dodd-Frank Charlie Gasparino looking into this clearly course you should -- Sheila -- because this is picking up in Washington right now.
Kind of interest in time pick up we have Dodd-Frank hearings tomorrow I think Tim Geithner speaking before the house financial services committee.
Here's what we know from banking industry sources.
Banks like to be big Jamie Dimon of JPMorgan -- argued that bigger is better.
-- but behind the scenes people really -- freaking out is he also word that I hear inside the banks they believe post election.
They do believe there will be some sort of a legislative push to make of small is -- bring -- bring back Dodd-Frank.
Our -- Glass-Steagall member Glass-Steagall was these operator adaptive depression ever -- separated that that separated.
Morgan said JPMorgan into TV -- -- Morgan Stanley and the regular JPMorgan out well that's all gone.
Back in you know being allowed Citigroup to be Citigroup providing travelers and Citicorp.
What they're worried about is somehow bringing that back this is I will say this lose.
I've been talking about this for a long time particularly if the London well that's one of the reasons why a lot of people think -- Jamie Dimon can't catch something like that maybe it's too big.
But now it's moved from a theoretical.
Conversation at the banks and in congress to people really talking about it in congress among staffers.
Act that firms themselves that you know particularly the Republicans get in here and here's why they wanna get rid of Dodd-Frank well -- want.
Get rid of Dodd-Frank.
He got to make these places.
Are they too big to manage you know Bob Diamond.
Does it look like he actually knew that Libor manipulation was going down how would you know what more importantly.
-- Jamie Dimon had said JPMorgan shouldn't be too big for the when you have five -- the largest financial institutions doing 60% of the basics.
Room Wells Fargo and there Wells Fargo which -- -- -- mortgage right okay.
You've got those guys and then suddenly one of them is in huge trouble you have another Lehman weekend well you know height you move -- everybody should that we same -- that we should point out that.
The London will -- at JPMorgan a big loss of wrong way trade is a long -- trade was a mistake it wasn't as if you know they're going on -- with absolute right but you have to ask yourself.
If you can't if you Jane you can't what types are welcome.
Back if you GB and you can't catch that.
And -- the best.
Best risk manager Wall Street well then you know about Citicorp how about Citigroup -- up Bank of America and these banks are just way too big and you know I'm telling you.
What viewers you heard it here first on Fox Business I could tell you this might have happened two weeks -- where the first reported.
This debate has moved out of the theoretical into something that people are actually talking about.
It's be debated at the banks they're talking about inside the banks to talking on Capitol Hill.
Whether it happens I can't tell you but -- tea is gonna be some sort of there's momentum growing here and you heard it here first.
I would issue -- -- this particularly will there be an effort to bring back Glass-Steagall.
Or some -- some people -- you don't does that bring back that was Steve would separate people investment know what listening that don't necessarily bring back the separation of investment commercial banking.
But do -- the make banks smaller if they can -- combine those two functions.
I will say this.
You know banks right now because of Dodd-Frank and because societies because of the -- if the -- too -- capital very hard to make money.
It made -- may do this soaring Glass-Steagall what is the big deal we never had a problem while it was in place.
My we had problems and to not like fast -- -- not.
There's -- lot of reasons why the banking crisis better of it but I would this -- that okay.
Well OK now you've got David -- -- -- all these people want and we got a big part of what -- by the way better feel great show today doors ship shall there Abby Joseph Cohen.
When bonds that in ten -- she understood exclusively issues that Goldman Sachs but usually when they're -- Goldman and they see Munich put up crosses a.
A -- a.
Good idea place here than ever -- -- here in the great.
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